To estimate the adjusted leverage trend, use:

- **Net Debt ≈ Borrowings − Cash and Cash Equivalents**
- **EBITDA ≈ Profit/Loss from Operating Activities + Depreciation, Amortisation and Impairment**
- **Leverage = Net Debt / EBITDA**

For the balance-sheet dates:

**2022-01-01**
- Long-term borrowings: €54.500bn  
- Short-term borrowings: €13.306bn  
- Current portion of long-term borrowings: €4.031bn  
- Cash and cash equivalents: €8.858bn  
- Net debt = 54.500 + 13.306 + 4.031 − 8.858 = **€62.979bn**

**2023-01-01**
- Long-term borrowings: €68.191bn  
- Short-term borrowings: €18.392bn  
- Current portion of long-term borrowings: €2.835bn  
- Cash and cash equivalents: €11.041bn  
- Net debt = 68.191 + 18.392 + 2.835 − 11.041 = **€78.377bn**

For income-statement years:

**2021 EBITDA**
- Operating profit: €7.551bn  
- D&A / impairment: €8.507bn  
- EBITDA = 7.551 + 8.507 = **€16.058bn**

**2022 EBITDA**
- Operating profit: €11.193bn  
- D&A / impairment: €7.447bn  
- EBITDA = 11.193 + 7.447 = **€18.640bn**

Leverage:

- **2021/2022 leverage** = 62.979 / 16.058 = **3.92x**
- **2022/2023 leverage** = 78.377 / 18.640 = **4.20x**

Year-on-year change:

- 4.20x − 3.92x = **+0.28x**

Since the change is within ±0.3x, the leverage trend is **Stable**.

<answer>Stable</answer>